can my parents pay part of the down payment for buying my house?
Posted: Fri Dec 16, 2011 4:55 pm
I am planning to buy a house next summer.
Can my parents in India who are Indian citizens with no GC contribute some money towards the downpayment of the house?
do they have to give me a gift first ?
or can they pay the seller directly via Demand draft/check or whatever format is acceptable?
I am a USC - so I know that in Indian tax law, I can receive a gift from parents without tax.
In the US also, I presume there is no tax liability on both receiver and giver in this case
as per [URL="http://www.justanswer.com/tax/01e5d-international-money-gift-tax-question.html"]http://www.justanswer.com/tax/01e5d-international-money-gift-tax-question.html
[/URL]
Is this accurate ?
in what form is typically the money transacted in such cases?
thanks.
Can my parents in India who are Indian citizens with no GC contribute some money towards the downpayment of the house?
do they have to give me a gift first ?
or can they pay the seller directly via Demand draft/check or whatever format is acceptable?
I am a USC - so I know that in Indian tax law, I can receive a gift from parents without tax.
In the US also, I presume there is no tax liability on both receiver and giver in this case
as per [URL="http://www.justanswer.com/tax/01e5d-international-money-gift-tax-question.html"]http://www.justanswer.com/tax/01e5d-international-money-gift-tax-question.html
[/URL]
Is this accurate ?
in what form is typically the money transacted in such cases?
thanks.